BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Having too much of something
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Money a company or an individual can keep, after all expenses have been paid
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There is not enough good or services available for trading
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Physical and mental effort used in creation of goods and services
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Detailed explanation-1: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.
Detailed explanation-2: -In economics, the concept of scarcity conveys the opportunity cost of allocating limited resources. Scarce goods are those for which demand would exceed supply if they were free. Common resources like clean air and a sustainable climate have been increasingly recognized as scarce goods with costs as well as value.
Detailed explanation-3: -Scarcity, also known as paucity, is an economics term used to refer to a gap between availability of limited resources and the theoretical needs of people for such resources.
Detailed explanation-4: -Demand scarcity: When there is a high demand for a resource or product, due to increasing populations or changes in preferences. Supply scarcity: When the supply or resource is low or out, due to weather, disasters or resource depletion.
Detailed explanation-5: -Scarcity falls into three distinctive categories: demand-induced, supply-induced, and structural.